SCHEDULE: Blue Owl Boosts Katapult Stake to 46.41% via Conversion

Blue Owl Capital Holdings LP increased its beneficial ownership in Katapult Holdings, Inc. to 46.41% due to an increase in conversion shares from stock price changes.

Summary

• Blue Owl Capital Holdings LP now beneficially owns 3,952,776 shares of Katapult Holdings, Inc. Common Stock.
• This represents 46.41% of the outstanding Common Stock.
• The ownership includes 5,421 shares of Common Stock, 662,264 shares issuable upon exercise of Warrants, and 3,285,091 shares issuable as Conversion Shares.
• The percentage is calculated based on 4,569,546 shares outstanding as of August 8, 2025, as reported in Katapult's 10-Q, plus the warrant and conversion shares.
• The change in beneficial ownership is solely due to an increase in the number of Conversion Shares acquirable under the Refinancing Agreement, triggered by changes in Katapult's stock price.
• No transactions in Common Stock were effected by Blue Owl Capital Holdings LP within the last 60 days.

Sentiment

Score: 7

Explanation: The increase in beneficial ownership by a major institutional investor, driven by an increase in conversion shares due to favorable stock price changes, suggests a positive development for the issuer. This indicates either improved market perception or operational progress that led to the stock price movement and subsequent conversion, reinforcing the investor's commitment.

Positives

• The increase in beneficial ownership by Blue Owl Capital Holdings LP, a significant institutional investor, suggests confidence in Katapult Holdings, Inc.
• The change was driven by an increase in conversion shares, likely triggered by a favorable movement in Katapult's stock price.

Future Outlook

This filing does not provide explicit forward-looking statements or guidance from Katapult Holdings, Inc. It primarily details a change in beneficial ownership by Blue Owl Capital Holdings LP.

Industry Context

This filing indicates a significant stake held by a major alternative asset manager, Blue Owl Capital, in Katapult Holdings, Inc., a company likely operating in the fintech or lease-to-own sector. Such substantial ownership by an institutional investor can be a positive signal for the company's long-term prospects, especially in a competitive industry where strategic backing is crucial for growth and stability.

Comparison to Industry Standards

• This filing is an ownership disclosure and does not contain performance metrics that can be directly compared to industry standards or specific comparable companies.
• The significant beneficial ownership by Blue Owl Capital Holdings LP, however, is notable, as large institutional stakes often reflect a strategic investment in the company's business model or market position within the fintech space.

Stakeholder Impact

• Shareholders: Increased institutional ownership could provide stability and potentially attract further investor interest. The increase in conversion shares due to stock price changes might be viewed positively.
• Management: A large, active institutional investor like Blue Owl Capital Holdings LP could exert significant influence on strategic decisions and corporate governance.

Key Dates

Recommendation

The filing indicates a significant increase in beneficial ownership by Blue Owl Capital Holdings LP in Katapult Holdings, Inc., reaching 46.41%. This increase is attributed to changes in Katapult's stock price, which led to more conversion shares under an existing refinancing agreement, rather than new open market purchases. While the substantial stake by a prominent institutional investor can be seen as a vote of confidence, the absence of new capital deployment or explicit strategic announcements in this filing suggests a 'hold' recommendation. Investors should monitor Katapult's operational performance and future strategic initiatives, especially given the high concentration of ownership, to assess long-term value.

Keywords

Katapult Holdings, Blue Owl Capital, Schedule 13D, Beneficial Ownership, Common Stock, Warrants, Conversion Shares, Refinancing Agreement, Fintech, Financial Services